NEXTEEL shares were strong early on the 3rd. Buying is seen gathering on news that it obtained a patent in the United States related to a welding process.
As of 9:40 a.m. on the 3rd, NEXTEEL was trading at 13,660 won on the Korea Exchange, up 1,380 won (11.23%) from the previous session.
According to the Financial Supervisory Service's electronic disclosure system on the 3rd, NEXTEEL disclosed that it had secured a patent in the United States the previous day for a "steel pipe for line pipe with excellent low-temperature toughness at welded joints."
The patent is a technology that allows welded areas of oil and gas transport pipes to withstand even in cryogenic environments.
NEXTEEL said it is undergoing examination for two patents related to the welding process and pipe products, and that the pipe product patent has now been filed as a divisional application.
In the disclosure, NEXTEEL said, "To expand the transport capacity and efficiency of line pipes for long-distance transport of crude oil and natural gas in cryogenic environments, high-strength steel pipes are required to increase transport pressure and capacity," and added, "We plan to actively use the patent to enter the cryogenic-environment market in the Americas and to secure new customers."